Authorities in Mexico have awarded contracts for the construction of 36 renewable energy projects in its latest clean energy auction.

The projects will generate over 8.9 million MWh and will be built by 23 companies across 15 Mexican states, requiring some $4 billion of investment over the next three years, the country’s energy ministry said.

Winning bidders in the auction – Mexico’s second – include Engie, Iberdrola, Enel and Acciona Energy. They will receive long term contracts for power and clean energy certificates (CEL).

Joaquin Coldwell, Secretary of Energy, said that the average price per MWh plus CEL achieved in the auction was $33.47/MWh, down 30 per cent from the first clean energy auction, held in the spring.

The price was 44 per cent lower than the ceiling price of $60/MWh set by state utility CFE, the sole buyer of power, and among the lowest prices reached in the world for clean energy, the Ministry of Energy said.

Over half of the energy awarded at the auction was for solar PV, with wind energy coming in second with 3.9 million MWh.